Infibeam's total sales more than doubles to Rs 912 Cr in Q3 FY24
Infibeam has also received approval from its Board of Directors to acquire the remaining 49.5% stake in So Hum Bharat Digital Payments Pvt Ltd.
Digital payments facilitator Avenues has posted gross revenue of Rs 912 crore for the third quarter of the current financial year—a 2.2X year-over-year (YoY) growth from Rs 414 crore recorded in Q3 FY23. It was the company's highest-ever quarterly consolidated gross revenue, it said in a press release.
Its net profit grew 64% YoY to Rs 41 crore in the October-December quarter from Rs 25 crore earned in the year-ago period. The company also posted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) of Rs 69 crore—up from Rs 47.5 crore in Q3 FY23, reflecting strong operational efficiency.
"This notable third-quarter growth is attributed to the festive season and the increasing adoption of CCAvenue payment solution by the merchants," Infibeam said in a statement.
"The increased transactions (total payment volume) were predominantly driven by growth in the hospitality, travel, telecom, airline travel, and hotel sectors," it noted.
In Q3 FY24, the fintech company processed transactions worth Rs 1,81,019 crore, reflecting a 75% YoY growth from the year-ago period. It added 228,000 merchants in the quarter.
Infibeam noted that 'revenge tourism,' which came into parlance post-COVID-19, has played a substantial role in the ongoing surge in spending within the travel and hospitality sector, consequently boosting its TPVs.
“Infibeam Avenues Ltd has witnessed overwhelming growth in Q3, on the back of growth in platform and payment businesses. We expect to see more action in the coming years in the payment space, as our innovative payment technology—CCAvenue TapPay—is increasingly gaining its foothold in the domestic market," Joint Managing Director Vishwas Patel said.
"We have evolved with new strategies to scale up the CCAvenue TapPay through tie-ups with third-party vendors, and in this Q3 we have already tasted the success of this strategy," he added.
Infibeam has also received approval from its Board of Directors to acquire a 49.5% stake from the current shareholder of So Hum Bharat Digital Payments Pvt Ltd. Following the acquisition, So Hum will become a wholly-owned subsidiary of Infibeam.
Edited by Kanishk Singh